AUSTIN, Texas, Dec 17, 2009 (BUSINESS WIRE) -- Spectrum Acquisition Holdings, Inc. (PINK SHEETS: SPAH), specializing in mining and mining equipment operations, announces two targeted Peruvian Gold Production Mining acquisitions. Spectrum is negotiating to acquire a 50% interest in both the Peruvian Gold Production Mining Acquisitions located in the World Renowned Pataz "Gold" Region.

SPAH, through its principal operator Western American Mining Corp.of Austin, Texas, has entered into a partnership agreement with MundiRoyal SAC of Lima Peru. In addition to administering the expatriation of revenue from the Pataz region in La Libradad, Peru MundiRoyal will manage the mining contracts with the concession holders on two separate projects with similar terms of 50% of the production going to SPAH.

One concession is a production restart and the second is a low risk exploration project with exposed high grade veins on the surface. The existing mine had produced thousands and thousands 80% fine gold ounces from veins averaging one meter wide with grade between 5 and 8 grams per ton. Production ended in the 1980s being that it was not as profitable in a $300 gold market as mining cost rose above $200 an ounce.

With Gold well above $1,110 per ounce it makes this a potential lucrative acquisition. Peru still has near the lowest mining costs in the world and is expected to restart having production costs around $300 per ounce. Spectrum feels this is a lucrative acquisition and opportunity for the company with slight risk because this is a producing mine (not a development mine) so there is low development risk. Being a restart and producing mine there should be production and revenues flow soon after the closing of the acquisition.

Both projects have processing costs contracted at a flat rate of $250 per ton Mineralization is typical of the PatazBatholith with the gold associated with sulfides in quartz at the present penetration of just over 1km. Infrastructure includes level tunneling on multiple levels with ore shoots, a railway present and industrial power on site with maintained roads.

The mines are located in the province of Pataz which is one of the richest gold fields in Peru; indeed, it may almost be said that the towns of Pataz are built upon gold beds, for in the gutters in the streets of this town, after heavy rains particles of gold are met with the mud deposit, which the inhabitants call "astillas," the grains often weighing as much as a gram.

Pataz is also the home of the biggest gold mine in the world at Cajamarca and has the history of being the location where the Conquistadors were led to from the first encounter with the first Inca Indian in Peru on the nearby coast. In 1532 this led to the first Spanish mission taking over the Inca Empire collecting a treasure in gold and silver. This location is nearby the mine SPAH is targeting.